Fri, 14/09/2018 - 19:31
Global real estate services firm Cushman & Wakefield has completed its acquisition of the commercial property arm of Sherry FitzGerald Group in the Republic of Ireland.
Cushman & Wakefield already holds a 20 per cent stake in the business which operated as its exclusive affiliate in the Republic, and had rebranded two years ago as Cushman & Wakefield Ireland. In July it announced it had entered a definitive agreement to purchase the remaining 80 per cent.
With the acquisition complete, the firm, which has more than 100 commercial property professionals and offices in Dublin, Limerick and Galway, will now be fully integrated into Cushman & Wakefield, one of the world’s largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries.
Aidan Gavin is now Cushman & Wakefield’s Head of Ireland and joins the firm’s UK & Ireland Executive Committee. Cushman & Wakefield will maintain its close affiliate relationship with the wider Sherry FitzGerald Group.
Colin Wilson, Chief Executive Officer, EMEA, Cushman & Wakefield, says: “This is an exciting next step in an exceptional relationship which first began 20 years ago and reflects the significant increase in cross-border projects on which our teams have been collaborating. We expect further growth as the Irish economy continues to strengthen and we integrate fully as a single firm with a truly seamless operation between Ireland and the UK. We are committed to profitably growing the scale and performance of our substantial EMEA business to deliver outstanding results for our clients.”
As part of the transaction, Cushman & Wakefield has also acquired from Sherry FitzGerald Group a minority share in its affiliate commercial property businesses in Cork and Belfast. The remaining equity is unaffected.
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